POSTED: 11:41 a.m. HST, Nov 08, 2012
LAST UPDATED: 11:41 a.m. HST, Nov 08, 2012
Alexander & Baldwin Inc. tripled its profit in the third quarter, primarily due to the timing of an extra delivery and sale of a bulk sugar shipment.
The Honolulu-based company reported today earning $13.4 million in the July-September period, up from $4.4 million in the same quarter last year.
Revenue totaled $92.9 in the recent quarter, up from $61.9 million a year earlier.
A&B reported a modest increase in operating profit from real estate leasing, and a slight decrease in operating profit from real estate sales. The big boost in total profit was driven by the timing of sugar sales from its Maui subsidiary Hawaiian Commercial & Sugar Co.
HC&S produced 78,200 tons of sugar in the third quarter, up 5 percent from 74,300 tons in the same quarter last year. But the company sold 72,400 tons in the recent quarter compared with 36,300 tons a year earlier because two shipments were made in the recent quarter compared with one a year ago.
The timing resulted in operating revenue almost doubling to $67.9 million from $37.1 million, and a more than doubling of operating income to $9.1 million from $3.8 million.